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Brave Heart of GBP/JPY

  • #621
  • Sep 9, 2007 6:34am Sep 9, 2007 6:34am
Quoting fxstman
Hey pips, good to see you right back at it. I looked at your charts and is it possible that not only it is still on a up trend, but that it is making a upward wedge against the 61.8% fibo? An upward wedge sometimes indicates it will break and go further up? is this true?
that is rigth fxman......
it has gone down lawst week untill 229.10 the retreated to 230.00 it was strong support .... i thing it will form upward wedges untill 61.8% fibo arround 233.00 price....
but we must not enter long with the opening the market today....
we should confirm that ..... then make deal
  • #622
  • Sep 9, 2007 1:25pm Sep 9, 2007 1:25pm
guys, what's ur preferred method for scalping the gbpjpy pair?
Money for nothin' and pips for free!
  • #623
  • Sep 9, 2007 1:47pm Sep 9, 2007 1:47pm
Quoting ltklev
guys, what's ur preferred method for scalping the gbpjpy pair?
You tells us about yours
Regards
  • #624
  • Sep 9, 2007 1:54pm Sep 9, 2007 1:54pm
I don't have one
That's why I asked
Money for nothin' and pips for free!
  • #625
  • Sep 9, 2007 3:15pm Sep 9, 2007 3:15pm
Hallo Folks!

The price is just below the 38.2fib. Slowly climbing up at the moment. Another 45 minutes to the starting point!
And I am sooooo tired (midnight here).

See ya!
Gnat

Ups... undecided... elevators up and down
  • #626
  • Sep 9, 2007 3:43pm Sep 9, 2007 3:43pm
Ok, now I'm guessing that the upward wedge thing might be out of the Q now. But now how might this play out according to the elliot wave?
  • #627
  • Edited 4:20pm Sep 9, 2007 3:51pm | Edited 4:20pm
Quoting fxstman
Ok, now I'm guessing that the upward wedge thing might be out of the Q now. But now how might this play out according to the elliot wave?
This is a tough one. I still see a chance to go up in a few hours, but right now the market is just trying to get a hold of the 120 pips gap. Do you think that Elliot Waves apply in this situation?

Maybe Pips will show up in a few minutes and then: BANG! There is the solution.

Tired Gnat

p.s. 1.20 - need to get some sleep!
  • #628
  • Sep 10, 2007 12:55am Sep 10, 2007 12:55am
News coming out soon... I suggest you don't trade now...
Money for nothin' and pips for free!
  • #629
  • Sep 10, 2007 1:42am Sep 10, 2007 1:42am
Quoting ltklev
News coming out soon... I suggest you don't trade now...
Hallo Ltklev!

This was actually a report that may hurt the carry GBPJPY in the future. The PPI, normally reported simultaniously with PCI and overshadowed by it, has produced some selling pressure on the Pound. The BOE may now have evidence that there is no real need for another rate hike and this hurts the upward trend also.
But apparently the most crucial part of the announcement, the PPI Output Prices ex Food came out as expected, being the only release part without a negative connotation.
BOE may still want to state that this is a good reason not to drop the hawkish tone and that would later on bring us closer to rate hike expectations in the market. A double sided sword.

Bye!
Gnat
  • #630
  • Sep 10, 2007 3:03am Sep 10, 2007 3:03am
I really consider the option of Shorting the GBPJPY when it hits the 231.40-231.60 zone... There will be A LOT of resistance there!!!!!
Money for nothin' and pips for free!
  • #631
  • Sep 10, 2007 3:21am Sep 10, 2007 3:21am
I took the short off the central pivot... 50 ema on hour..

Got in at 23100 targeting 23000 with stop at 23160

I think ill trail stop the move though.

We shall see.
  • #632
  • Sep 10, 2007 3:33am Sep 10, 2007 3:33am
Quoting mjolimer
I took the short off the central pivot... 50 ema on hour..

Got in at 23100 targeting 23000 with stop at 23160

I think ill trail stop the move though.

We shall see.
nice... Too bad I didn't check pivot points... Stupid me... I was just staring, trying to understand why price reversed... turns out to be a pivot point!
Money for nothin' and pips for free!
  • #633
  • Sep 10, 2007 4:04am Sep 10, 2007 4:04am
There's an SR level and descending trendline there as well. Not sure if it will hold though. Although I hope that they hold.
  • #634
  • Sep 10, 2007 4:04am Sep 10, 2007 4:04am
Quoting ltklev
nice... Too bad I didn't check pivot points... Stupid me... I was just staring, trying to understand why price reversed... turns out to be a pivot point!

You may be glad you missed it.. this could turn and shoot up at any moment.

i'm watching it very carefully.. more of a speculative scalp really.. i think i should have waited for it to retest that pivot.

I've taken the pips for now.. and will curse myself for my chicken heart if my original trade works out..

Maybe I was right to get out though, in some respects, a profit is a profit.. but i should believe..

Think ill listen to what The Wizard said and not look at ff while im in a trade.. i got spooked by all the other views..

grr.. never again
  • #635
  • Sep 10, 2007 4:41am Sep 10, 2007 4:41am
got 15 pips... price is being squeezed... by trendlines and fibo levels... until the breakout u can scalp a little
Money for nothin' and pips for free!
  • #636
  • Sep 10, 2007 7:47am Sep 10, 2007 7:47am
the price broke fibo 50% last week and then retreated over it .....
now it coming back to test it ....
these are two chart of 4h TF 7 1h TF .... closing of this candle under 50% will give us alower levels
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  • #637
  • Sep 10, 2007 7:55am Sep 10, 2007 7:55am
GAP was preventing us to draw the direction of the price
  • #638
  • Sep 10, 2007 7:56am Sep 10, 2007 7:56am
Quoting pipskidnapper
the price broke fibo 50% last week and then retreated over it .....
now it coming back to test it ....
these are two chart of 4h TF 7 1h TF .... closing of this candle under 50% will give us alower levels
I think WE WILL GO DOWN!
  • #639
  • Sep 10, 2007 7:59am Sep 10, 2007 7:59am
not yet
  • #640
  • Sep 10, 2007 8:02am Sep 10, 2007 8:02am
Quoting pipskidnapper
not yet
of course .. btw - I'm short from 231.23
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